The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1887-03-25
GET MONEY FOR YOUR LAND.


seire' and Boom the Slated plan for Land
improvement Company.
A representative of tho Ne,cs and Cour-
Ter had talk to-day with a gentlemen,
whose modesty induces him to withhold
his name from the public, but who may bo
relied on as one ofthe most progressive ard
patriotic of our citizens-one who takes a
deep interest in the advaucen ent of our
agricultural aud manufacturing interests
and whose acquaintance with such interests
i. large. This gentleman said:
"Thc great need of the South is capital
If farmers could get cheap money for
few years the cry of "hard times would be
heard no more in The land. Why can they
not borrow money at low rates from the
capitalists of the North and Eur ope? The
answer is easy. The money lenders doubt
the security. Not that real estate is not
the best collacteral, but because there is a
sentiment prevailing against the foreign
money lenders that make q foreclosure of
the mortgage unpleasant and sometimes
difficult Consequently when money is
loaned to our people such rates of interest
are demanded as will cover the contingen-
cy OF possible losses. I have often talked
with Northern men who were contemplot.
Ing Investments in Southern enterprise, and
In nearly every case they wanted part Of
the stock taken by residents. in order to
get the benefit Of local interest and influ-
ence in the enterprise. Now if our people
can devise some means for making the se-
ourity good and combine with this advan-
tage local influence, haven't the slightest
doubt but that all the money they need can
be obtained at low rates of interest.
CAS- beginning in this direction, I |
would suggest the organization of what
might be called Land Improvement Com
pany. There are thousands of men in tho
State who are 'land poor" They have
extensive acres that are simply burden
on their hands. Now my plan is to utilize
these lands, BY making them the basis of
large loan ~hss& car-'ts~-esed, not 6uiyt
for the development Of the lands, but for
the Inauguration Of other great eutsr-
prises This result can be effected in va
rious ways, but, l think, the most practi
cal plan would be to organize n company
with power to purchase land, build rail-
roads, canals, factories, &c. Let every man
in the State who owns unproductiye land
sell it to this company, and receive in pay
ment thereof stock of the Company at its
par value. AS soon as the company shall |
have acquired sufficient land in this way
say 100000 worth, tho company can issue |
soy, $780, 900 of debenture bonds secured
by mortgage of these lands. Some rclia-
Bile National or State bank could be copsti-
tuted tho trustee for the bondholdcrs and |
the mortgage deposited with such truste es
Loans can then be raised by the sale of the
bonds and the lender has then no moro
trouble to collect bis interest than to de-
tnch his coupon and present it at any bank
ing house in the country. The money
thus raised at low rate of interest can be
loaned to stockholders Of the company at
the rate it is borrowed or invested in other
various enterprises as the beard of direc-
tors OF the company shall decide
'You will observe that under this plan
the lender avoids the trouble and cxpepse
OF recording mortgages, foreclosug tho
same, md gets rid of many other smaller
Vexations, while receiving better security
for his money, and has associated with him
men who are in every way identified with
the people Of the State. There will TO no
disputes about the titles to land because
the land has already been purchased and
paid Tor BY the company, and the company,
as corporation, has given its mortgage.
All homestead claims would also be gotten
rid Of.
"Fhe company would own lands of every |
character, timber lands, mineral lands,
pasture and agricultural lands. A part of
tie money raised on the bonds could be |
used in developing these lands and in set
tling them with thrifty colonies. A part
could be used also in various other profitable
schemes. For instance the Columbia Ca
nal could be quickly developed, line Of
steamers could be quickly placed between
the up.country and Charleston, factories
would be built and many other enterprises
iDaugurated.
The loan would not be confined to ono |
ISSUE Of bonds. A. fast as the money bor-
rowed was proGtably invested new stock
would be issued, new sesies of bonds put
on the market and now loans affested. In |